Insurance help

**rudolph** · 30th March 2008, 16:52

This guy hit the back of my car and his insurance wrote my car off for $1500, I had it valued at $2500 they won't give me the $2500 so now I come out with nothing.

also his Insurance is trying to force me into taking there offer.

What should I do?

**Nasty** · 30th March 2008, 17:27

Originally Posted by rudolph

This guy hit the back of my car and his insurance wrote my car off for $1500, I had it valued at $2500 they won't give me the $2500 so now I come out with nothing.

also his Insurance is trying to force me into taking there offer.

What should I do?

Secure three quotes on the car and supply them to the insurerer when that fails off to take it to the insurance ombudsman.

**rudolph** · 30th March 2008, 17:36

Originally Posted by Nasty

Secure three quotes on the car and supply them to the insurerer when that fails off to take it to the insurance ombudsman.

I got one quote

Insurance ombudsman?

**yod** · 30th March 2008, 17:45

google is your friend

**Matt_TG** · 30th March 2008, 18:06

I take it that you weren't insured? The Insurance and Savings Ombudsman handles issues for those with insurance .... they don't accept complaints from uninsured third parties I'm afraid.

First off, are you absolutely sure it's worth what you think?

My advice is similar to that above. Get a few Pre Accident Valuations (PAV's). These need to come from a dealer, and will probably cost you $40 - $50 each.

Approach the insurer with the PAV's and request they re-consider.

If they don't then consider lodging a Disputes Tribunal hearing request. Most insurers like to go the Disputes Tribunal way if they cannot agree as it's an impartial assessment of the situation. I've attended a few in my time, win some lose some.

Good luck.

**rudolph** · 30th March 2008, 19:07

mm I see, I got a Pre Accident Valuation and sent it to them and they are still dragging there hells.

**rudolph** · 30th March 2008, 19:17

I like the sound of a Disputes Tribunal hearing

**Matt_TG** · 30th March 2008, 19:33

Originally Posted by rudolph

I like the sound of a Disputes Tribunal hearing

Take a look here.

Get all your info first though. PAV's (more than one, from recognised dealers), documents from the insurance company offering you settlement etc. The hearing wouldn't be to attribute blame for the accident, but to establish a fair settlement.

As another thought, before going down the DT track ... could it be worth saying to the insurance co you will meet them halfway between your valuation and theirs, and you keep the wreck, not deregistered, and sell it for the proceeds?

**fizbin** · 31st March 2008, 14:00

Had my wife look at it she works in insurance this is what she siad

It is obviously insured for market value only. Unless his policy states that it is an agreed value, he’ll have to take it.

The only other way out of it is to prove that he could sell it (pre-accident) for more. That is, are there other similar cars on the market for more? If not, if other similar cars are only selling for $1,500, that’s all he’ll get, because that’s market value and regardless of the sum insured on the policy, it was insured for market value. That’s why everyone should assess the sum insured of their vehicles every year and depreciate them accordingly so they’re not paying premiums higher than they should be.

Hope that helps

**Matt_TG** · 31st March 2008, 16:18

Originally Posted by fizbin

Had my wife look at it she works in insurance this is what she siad

It is obviously insured for market value only. Unless his policy states that it is an agreed value, he’ll have to take it.

It wasn't insured, so it would only be covered for the market value by the insurer of the at-fault party.

Originally Posted by fizbin

The only other way out of it is to prove that he could sell it (pre-accident) for more. That is, are there other similar cars on the market for more?

Yep, hence getting PAV's.